Proof Point
Blockchain can lower transaction costs, improve efficiency, ensure data integrity, increase transparency, enhance security, drive automation and promote data interoperability
Potential Benefits of Blockchain Application
Proof Point Findings
- Lower cost – Eliminate transaction costs from third-party intermediaries, overhead, due diligence, and authentication
- Reduce financial services infrastructure cost by $15 to 20 billion per year by 2022 globally
- Decrease financial institution annual spending on Know Your Customer initiatives by $4 to $8 billion globally
- Generate up to $60 billion in savings for cross-border B2B payments globally
- Improves efficiency – Removes intermediaries and bottlenecks, enabling fast and frictionless transactions
- Nasdaq exploring instant share transfers between parties
- Northern Trust improving private equity fund management throughout investment lifecycle
- Toyota considering seamless sharing of car usage and driving data between car owners, fleet managers, and manufacturers
- Ensures data integrity – Maintains high quality of data, including accuracy, completeness, and consistency
- Blocktrace digitally storing diamond certificates
- FollowMyVote creating verifiable voting system
- Increases transparency – Provides full visibility on processes and completed transaction history, increasing trust between participants
- Martine Jaarlgard tracking supply chain process from raw material to finished garment
- IBM and Walmart collaborating to track pork movement in China
- Nasdaq implementing blockchain ledger to increase transparency of advertising contracts
- Drives automation – Utilizes algorithms and smart contracts to fuel automation of processing transactions
- Gem using blockchain ledger to automate health insurance claims
- Oaken looking to process instantaneous payments for connected cars
- Visa’s DocuSign exploring automated lease and insurance signing and payments for connected cars
- Promotes interoperability – Uses standards and linked blockchains, advancing data and information interoperability
- IBM and Maersk collaborating on global trade digitization solution for logistics industry
- Big four accounting firms working on accounting standards
- Recloud developing on payment network in Africa
- Enforces security – Prevents information tampering, identity thefts, system failures and denial of services
- IBM’s Blockchain-as-a-Service preventing unauthorized access and shutting system down upon potential hack detection
- Danish liberal party testing secure and tamper-proof system for internal elections
- Estonia using e-voting system for shareholder meetings
